Most recent article: Pakistan Gold price today: Gold rises, according to FXStreet data
Gold prices rose in Pakistan on Friday, according to data compiled by FXStreet.
The price for 24-carat Gold stood at 19,563.80 Pakistani Rupees (PKR) per gram, up PKR 45.91 compared with the PKR 19,517.89 it cost on Thursday.
The price for 24-carat Gold increased to PKR 228,188.30 per tola from PKR 227,652.86 per tola.
| Unit measure | Gold Price in PKR |
|---|---|
| 1 Gram | 19,563.80 |
| 10 Grams | 195,637.98 |
| Tola | 228,188.30 |
| Troy Ounce | 608,502.60 |
FXStreet calculates Gold prices in Pakistan by adapting international prices (XAU/USD) to the local currency and measurement units. Prices are updated daily based on the market rates taken at the time of publication. Prices are just for reference and local rates could diverge slightly.
Global Market Movers: Gold price remains depressed amid some follow-through USD buying, downside seems limited
- The US Dollar looks to build on the previous day's strong recovery from a one-week low touched in the aftermath of the FOMC decision and is seen undermining the Gold price on Friday.
- The Federal Reserve upgraded its economic growth projection and now sees real GDP to hit 2.1% by the end of this year as compared to the previous estimate of 1.4% in December.
- Moreover, policymakers raised the forecast for core inflation to 2.6% from 2.4% and now see the unemployment rate at 4% for 2024, slightly lower than the 4.1% previously projected.
- The outlook remains supportive of elevated US Treasury bond yields and is seen acting as a tailwind for the USD, though the projected less restrictive policy might cap the upside.
- On the economic data front, the US Department of Labor (DOL) reported on Thursday that Initial Jobless Claims fell to 210K in the week ending March 16 from the 212K previous.
- US Secretary of State Antony Blinken said that gaps are narrowing in the ongoing talks aimed at reaching a ceasefire in Gaza and the release of hostages, boosting investors' confidence.
- Fed Chair Jerome Powell's speech later during the early North American session will be looked for more cues about future policy decisions and provide a fresh impetus to the XAU/USD.
(An automation tool was used in creating this post.)
Gold FAQs
Gold has played a key role in human’s history as it has been widely used as a store of value and medium of exchange. Currently, apart from its shine and usage for jewelry, the precious metal is widely seen as a safe-haven asset, meaning that it is considered a good investment during turbulent times. Gold is also widely seen as a hedge against inflation and against depreciating currencies as it doesn’t rely on any specific issuer or government.
Central banks are the biggest Gold holders. In their aim to support their currencies in turbulent times, central banks tend to diversify their reserves and buy Gold to improve the perceived strength of the economy and the currency. High Gold reserves can be a source of trust for a country’s solvency. Central banks added 1,136 tonnes of Gold worth around $70 billion to their reserves in 2022, according to data from the World Gold Council. This is the highest yearly purchase since records began. Central banks from emerging economies such as China, India and Turkey are quickly increasing their Gold reserves.
Gold has an inverse correlation with the US Dollar and US Treasuries, which are both major reserve and safe-haven assets. When the Dollar depreciates, Gold tends to rise, enabling investors and central banks to diversify their assets in turbulent times. Gold is also inversely correlated with risk assets. A rally in the stock market tends to weaken Gold price, while sell-offs in riskier markets tend to favor the precious metal.
The price can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can quickly make Gold price escalate due to its safe-haven status. As a yield-less asset, Gold tends to rise with lower interest rates, while higher cost of money usually weighs down on the yellow metal. Still, most moves depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAU/USD). A strong Dollar tends to keep the price of Gold controlled, whereas a weaker Dollar is likely to push Gold prices up.
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